246 N Pearl Ave · Lancaster, OH 43130

$218,000

5 bd · 2.5 ba · 2,204 sqft · SingleFamily public records · 61 Days on market

Built 1900 2,178 sqft lot $99/sqft · 20% below area Est $273k · 20% under

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +15.0/15.0
• Cash flow +14.6/30.0
• DSCR +4.4/10.0
• Livability +4.3/5.0
• Rent growth +3.8/5.0
• 1% rule +3.7/10.0
• Schools +3.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming historic home with incredible upside potential located in the heart of Lancaster, just minutes from downtown amenities, restaurants, and local attractions. This spacious 5-bedroom, 2.5-bath property offers a rare combination of character, size, and value-add opportunity. Built in 1900, the home retains its timeless appeal with features such as original hardwood flooring, decorative fireplaces, pocket doors, and classic architectural details that highlight its historic charm. The layout includes a generous living and dining area, an eat-in kitchen, and multiple functional spaces--ideal for both homeowners and investors. While the property has been well maintained structurally, it does require cosmetic updates (TLC), presenting an excellent opportunity for: Investors seeking a value-add flip or BRRRR strategy Buyers looking to customize a historic home Rental investors targeting strong demand near downtown Lancaster Located in an established neighborhood with a strong sense of community, this property benefits from walkability to downtown events, schools, and daily conveniences, making it highly attractive for both resale and rental positioning. With comparable renovated homes in the area showing strong values, this property presents a compelling opportunity to unlock equity through light-to-moderate cosmetic improvements.

Key facts

• Pocket doors
• Eat-in kitchen
• Historic home

Tags

• HISTORIC HOME
• ORIGINAL HARDWOOD FLOORING
• DECORATIVE FIREPLACES
• POCKET DOORS
• CLASSIC ARCHITECTURAL DETAILS
• EAT-IN KITCHEN

What this means for you Summary

Snapshot

• This is a 5-bed/2.5-bath single-family listed at $218k.

Deal economics

• At list price, monthly cash flow is $50 ($605/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $190k (12.9% below list).
• Recommended offer: $190k (12.9% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 4.0% in Lancaster — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 86/100 on livability (#41 in OH, #423 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: crime D, employment D.
• Lancaster City (town): math 38% / reading 51% proficiency, ranked #504 of 656 in OH (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.2%/yr); 204 active listings in the ZIP; 475 units permitted in Fairfield County in 2024 (0 in 5+ unit buildings).
• This rent runs 32% of the median local income ($72k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Fairfield County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($205k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 7y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $154k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $189,863 (12.9% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.87% ✗
• Cap rate: 6.57%
• Cash-on-cash: 0.99%
• DSCR: 1.04
• GRM: 9.6

CMA / ARV

• ARV (median comp): $273,419
• List price: $218,000
• Delta: -20.27%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
114 S Maple St	0.29mi	4/2.5 (-1)	2,160 (-2%)	0mo	$160,000	$74	78
363 E Mulberry St	0.15mi	4/3.0 (-1)	2,159 (-2%)	11mo	$280,000	$130	73
534 E Wheeling St	0.31mi	4/1.5 (-1)	2,182 (-1%)	3mo	$273,000	$125	73
608 E Mulberry St	0.40mi	5/2.0	2,244 (+2%)	6mo	$332,500	$148	72
408 E Mulberry St	0.17mi	4/2.0 (-1)	2,261 (+3%)	11mo	$45,000	$20	72
141 E 5th Ave	0.27mi	5/2.0	2,008 (-9%)	11mo	$257,000	$128	62
515 Madison Ave	0.59mi	4/2.5 (-1)	2,174 (-1%)	13mo	$324,900	$149	54
123 Arnold Ave	0.55mi	4/4.0 (-1)	2,108 (-4%)	3mo	$299,000	$142	54
841 E Mulberry St	0.73mi	4/3.0 (-1)	2,172 (-2%)	9mo	$310,000	$143	49
620 E 5th Ave	0.46mi	4/2.0 (-1)	1,958 (-11%)	7mo	$329,900	$168	47
631 N Broad St	0.44mi	4/2.0 (-1)	2,454 (+11%)	15mo	$227,500	$93	41
524 E 5th Ave	0.35mi	4/1.5 (-1)	1,882 (-15%)	15mo	$275,000	$146	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 5.22% rent growth · sell at horizon

5-year hold

• IRR: -12.3%
• Equity multiple: 0.54×
• Total profit: $-27,784
• Equity at exit: $32,505

10-year hold

• IRR: -0.3%
• Equity multiple: 0.98×
• Total profit: $-1,468
• Equity at exit: $18,849

Cash invested: $61,040 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Ohio: 73 Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day notice; Cleveland / Columbus have some habitability code enforcement; otherwise landlord-leaning.

Methodology + full state rankings →

ZIP-level market 43130

• Rents YoY: 5.2%
• Active inventory: 204
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,899 medium
• Mortgage (P&I): −$1,143
• Tax from tax record: −$215 /mo · $2,585/yr
• Insurance: −$91
• HOA: −$0
• Vacancy / Maint / Mgmt: −$399
• Net cashflow: $50

Break-even live

Break-even rent $1,835

Max offer price $218,000

Occupancy floor 92%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $54,500
• Closing costs: $6,540
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-18
   days on market $218,000 Active 61 DOM
2. 2026-06-17
   days on market $218,000 Active 60 DOM
3. 2026-06-16
   days on market $218,000 Active 59 DOM
4. 2026-06-15
   days on market $218,000 Active 58 DOM
5. 2026-06-13
   days on market $218,000 Active 56 DOM
6. 2026-06-09
   days on market $218,000 Active 52 DOM
7. 2026-06-08
   days on market $218,000 Active 51 DOM
8. 2026-06-07
   days on market $218,000 Active 50 DOM
9. 2026-06-03
   days on market $218,000 Active 46 DOM
10. 2026-06-02
    days on market $218,000 Active 45 DOM
11. 2026-06-01
    days on market $218,000 Active 44 DOM
12. 2026-05-31
    days on market $218,000 Active 43 DOM
13. 2026-05-16
    status Active 1359-char remark

    Show marketing remark (1359 chars)

    Charming historic home with incredible upside potential located in the heart of Lancaster, just minutes from downtown amenities, restaurants, and local attractions. This spacious 5-bedroom, 2.5-bath property offers a rare combination of character, size, and value-add opportunity. Built in 1900, the home retains its timeless appeal with features such as original hardwood flooring, decorative fireplaces, pocket doors, and classic architectural details that highlight its historic charm. The layout includes a generous living and dining area, an eat-in kitchen, and multiple functional spaces--ideal for both homeowners and investors. While the property has been well maintained structurally, it does require cosmetic updates (TLC), presenting an excellent opportunity for: Investors seeking a value-add flip or BRRRR strategy Buyers looking to customize a historic home Rental investors targeting strong demand near downtown Lancaster Located in an established neighborhood with a strong sense of community, this property benefits from walkability to downtown events, schools, and daily conveniences, making it highly attractive for both resale and rental positioning. With comparable renovated homes in the area showing strong values, this property presents a compelling opportunity to unlock equity through light-to-moderate cosmetic improvements.

14. 2026-05-16
    price $219,000 1359-char remark

    Show marketing remark (1359 chars)

    Charming historic home with incredible upside potential located in the heart of Lancaster, just minutes from downtown amenities, restaurants, and local attractions. This spacious 5-bedroom, 2.5-bath property offers a rare combination of character, size, and value-add opportunity. Built in 1900, the home retains its timeless appeal with features such as original hardwood flooring, decorative fireplaces, pocket doors, and classic architectural details that highlight its historic charm. The layout includes a generous living and dining area, an eat-in kitchen, and multiple functional spaces--ideal for both homeowners and investors. While the property has been well maintained structurally, it does require cosmetic updates (TLC), presenting an excellent opportunity for: Investors seeking a value-add flip or BRRRR strategy Buyers looking to customize a historic home Rental investors targeting strong demand near downtown Lancaster Located in an established neighborhood with a strong sense of community, this property benefits from walkability to downtown events, schools, and daily conveniences, making it highly attractive for both resale and rental positioning. With comparable renovated homes in the area showing strong values, this property presents a compelling opportunity to unlock equity through light-to-moderate cosmetic improvements.

15. 2026-05-13
    historical Contingent 1359-char remark

    Show marketing remark (1359 chars)

    Charming historic home with incredible upside potential located in the heart of Lancaster, just minutes from downtown amenities, restaurants, and local attractions. This spacious 5-bedroom, 2.5-bath property offers a rare combination of character, size, and value-add opportunity. Built in 1900, the home retains its timeless appeal with features such as original hardwood flooring, decorative fireplaces, pocket doors, and classic architectural details that highlight its historic charm. The layout includes a generous living and dining area, an eat-in kitchen, and multiple functional spaces--ideal for both homeowners and investors. While the property has been well maintained structurally, it does require cosmetic updates (TLC), presenting an excellent opportunity for: Investors seeking a value-add flip or BRRRR strategy Buyers looking to customize a historic home Rental investors targeting strong demand near downtown Lancaster Located in an established neighborhood with a strong sense of community, this property benefits from walkability to downtown events, schools, and daily conveniences, making it highly attractive for both resale and rental positioning. With comparable renovated homes in the area showing strong values, this property presents a compelling opportunity to unlock equity through light-to-moderate cosmetic improvements.

16. 2026-05-08
    price $219,900 1359-char remark

    Show marketing remark (1359 chars)

    Charming historic home with incredible upside potential located in the heart of Lancaster, just minutes from downtown amenities, restaurants, and local attractions. This spacious 5-bedroom, 2.5-bath property offers a rare combination of character, size, and value-add opportunity. Built in 1900, the home retains its timeless appeal with features such as original hardwood flooring, decorative fireplaces, pocket doors, and classic architectural details that highlight its historic charm. The layout includes a generous living and dining area, an eat-in kitchen, and multiple functional spaces--ideal for both homeowners and investors. While the property has been well maintained structurally, it does require cosmetic updates (TLC), presenting an excellent opportunity for: Investors seeking a value-add flip or BRRRR strategy Buyers looking to customize a historic home Rental investors targeting strong demand near downtown Lancaster Located in an established neighborhood with a strong sense of community, this property benefits from walkability to downtown events, schools, and daily conveniences, making it highly attractive for both resale and rental positioning. With comparable renovated homes in the area showing strong values, this property presents a compelling opportunity to unlock equity through light-to-moderate cosmetic improvements.

17. 2026-04-23
    price $224,990 1359-char remark

    Show marketing remark (1359 chars)

    Charming historic home with incredible upside potential located in the heart of Lancaster, just minutes from downtown amenities, restaurants, and local attractions. This spacious 5-bedroom, 2.5-bath property offers a rare combination of character, size, and value-add opportunity. Built in 1900, the home retains its timeless appeal with features such as original hardwood flooring, decorative fireplaces, pocket doors, and classic architectural details that highlight its historic charm. The layout includes a generous living and dining area, an eat-in kitchen, and multiple functional spaces--ideal for both homeowners and investors. While the property has been well maintained structurally, it does require cosmetic updates (TLC), presenting an excellent opportunity for: Investors seeking a value-add flip or BRRRR strategy Buyers looking to customize a historic home Rental investors targeting strong demand near downtown Lancaster Located in an established neighborhood with a strong sense of community, this property benefits from walkability to downtown events, schools, and daily conveniences, making it highly attractive for both resale and rental positioning. With comparable renovated homes in the area showing strong values, this property presents a compelling opportunity to unlock equity through light-to-moderate cosmetic improvements.

18. 2026-04-18
    listed $229,000 Active 1359-char remark

    Show marketing remark (1359 chars)

    Charming historic home with incredible upside potential located in the heart of Lancaster, just minutes from downtown amenities, restaurants, and local attractions. This spacious 5-bedroom, 2.5-bath property offers a rare combination of character, size, and value-add opportunity. Built in 1900, the home retains its timeless appeal with features such as original hardwood flooring, decorative fireplaces, pocket doors, and classic architectural details that highlight its historic charm. The layout includes a generous living and dining area, an eat-in kitchen, and multiple functional spaces--ideal for both homeowners and investors. While the property has been well maintained structurally, it does require cosmetic updates (TLC), presenting an excellent opportunity for: Investors seeking a value-add flip or BRRRR strategy Buyers looking to customize a historic home Rental investors targeting strong demand near downtown Lancaster Located in an established neighborhood with a strong sense of community, this property benefits from walkability to downtown events, schools, and daily conveniences, making it highly attractive for both resale and rental positioning. With comparable renovated homes in the area showing strong values, this property presents a compelling opportunity to unlock equity through light-to-moderate cosmetic improvements.

19. 2026-03-31
    soldstatus $153,800
20. 2020-06-16
    soldstatus $152,000
21. 2020-06-09
    soldstatus $152,000 Closed 420-char remark

    Show marketing remark (420 chars)

    Beautiful & spacious heritage home. Enjoy walking to festival activities. LR, DR each have a decorative FP. Eat in kitchen has built in desk & bay window for your plants. Mostly hardwood floors, pocket doors, mud room, laundry room on 2nd floor. Over 2500 SF including 3rd floor BR & BA. German Village style side yard w/ gazebo, privacy fence & brick patio. Very well cared for. .SEE A2A REMARKS

22. 2020-03-02
    historical Contingent Finance and Inspection 420-char remark

    Show marketing remark (420 chars)

    Beautiful & spacious heritage home. Enjoy walking to festival activities. LR, DR each have a decorative FP. Eat in kitchen has built in desk & bay window for your plants. Mostly hardwood floors, pocket doors, mud room, laundry room on 2nd floor. Over 2500 SF including 3rd floor BR & BA. German Village style side yard w/ gazebo, privacy fence & brick patio. Very well cared for. .SEE A2A REMARKS

23. 2020-01-20
    listed $159,900 Active 420-char remark

    Show marketing remark (420 chars)

    Beautiful & spacious heritage home. Enjoy walking to festival activities. LR, DR each have a decorative FP. Eat in kitchen has built in desk & bay window for your plants. Mostly hardwood floors, pocket doors, mud room, laundry room on 2nd floor. Over 2500 SF including 3rd floor BR & BA. German Village style side yard w/ gazebo, privacy fence & brick patio. Very well cared for. .SEE A2A REMARKS

24. 2019-08-19
    historical
25. 2019-07-08
    listed $159,000 Active
26. 1993-06-01
    soldstatus $85,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast OH · Partial reset (capped growth)

• Current annual tax: $2,585 · $215/mo
• Projected year-2 tax: $2,993 · $249/mo
• Expected delta: +$408/yr (+$34/mo · 15.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,784
• − Mortgage interest: −$12,211
• − Property taxes: −$2,585
• − Insurance: −$1,090
• − Repairs & maintenance: −$1,823
• − Management: −$1,823
• − Depreciation: −$6,342
• Taxable loss: −$3,090
• Est. tax savings @ 24.0%: +$742
• After-tax cash flow: $1,347/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Lancaster City
• NCES district ID: 3904420
• Math proficiency: 38% ▼ -21.00%
• Reading proficiency: 51% ▼ -11.00%
• Median HH income: $41,696
• Composite: 37.39/100
• National rank: #4427
• State rank: #504 of 656 in OH

Livability — Lancaster

• Score: 86/100
• State rank: #41
• US rank: #423

Category grades

Amenities A+ Commute A Cost of living A+ Crime D Employment D Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lancaster, OH
• County: Fairfield County · 109,896 people
• City population: 62,933
• Metro: Columbus, OH
• Population (ZIP): 62,933
• Household income: $72,153
• Rent vs Own: 32.2% rent · 67.8% own
• Severe rent burden: 1400.0

Population outlook (Fairfield County) Hauer SSP2

• Today (2025): 162,442 people
• By 2030: 166,796 · +2.7%
• By 2040: 172,835 · +6.4%
• By 2050: 174,822 · +7.6%
• By 2075: 174,938 · +7.7%
• By 2100: 160,988 · -0.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 4% Hispanic / Latino 2% Black 2%
• Common ancestry: Slovak 2% Italian 1% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Fairfield

• 2024 margin: Strong R (+24.1) · D 37.5% · R 61.6%
• 2008→2024 swing: -6.9pp toward R · 2008: -17.1pp · 2024: -24.1pp
• All cycles: 2024: R+24.1 2020: R+23.5 2016: R+27.0 2012: R+16.1 2008: R+17.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -298.81%
• Current HPI: 239.6352
• Rent YoY: ▲ 5.22%
• Metro: Columbus, OH
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

Industry mix (Fortune 500 HQ in OH)

Industry	F500 HQs	Revenue
▸Insurance	3	$145B
▸Industrial Machinery	3	$49B
▸Financial Services	3	$24B
▸Consumer Goods	2	$93B
▸Aerospace / Defense	2	$47B
▸Utilities	2	$33B

Price history

+156.1% since first listed

14 events — show timeline

• 2026-05-16 Relisted — CBRMLS
• 2026-05-16 Price Changed $219,000 CBRMLS
• 2026-05-13 Contingent — CBRMLS
• 2026-05-08 Price Changed $219,900 CBRMLS
• 2026-04-23 Price Changed $224,990 CBRMLS
• 2026-04-18 Listed $229,000 CBRMLS
• 2026-03-31 Sold (Public Records) $153,800 Public Records
• 2020-06-16 Sold (Public Records) $152,000 Public Records
• 2020-06-09 Sold (MLS) $152,000 CBRMLS
• 2020-03-02 Contingent — CBRMLS
• 2020-01-20 Listed $159,900 CBRMLS
• 2019-08-19 Listing Removed — CBRMLS
• 2019-07-08 Listed $159,000 CBRMLS
• 1993-06-01 Sold (Public Records) $85,500 Public Records

Property tax history

+6.3%/yr

Latest (2025): $2,585 · +30.1% YoY. Source: county tax records.